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Tesco Compensation Scheme: Broker Facilitated Process

TCS: Broker Facilitated Process

Also on KPMG.com

Background

We have worked with certain larger FCA regulated brokers to facilitate a smooth claims process for their clients. Under this process the claim details (both personal details and transaction details) for clients of these brokers have been provided directly to us by the broker and input into the claims portal.

If you are the client of such a broker, your broker will have written to you previously. They will have either sought your permission to provide us with the necessary information or informed you that they have done so. The date by which you were required to provide this permission, should it have been required by your broker, has now expired.

Claimants who gave their broker permission in the required timeframe

We shall write to all claimant’s participating in the broker facilitated claim process by 30 September 2017. In this letter we will provide them with their log in details for the online claims portal and instructions on how to finalise and submit their claim. To participate in the Scheme, the claimant must take action to finalise and submit their claim before the claim filing deadline. The claim filing deadline is 22 February 2018.

Should you believe your broker has facilitated your claim submission but you have not received a letter by 30 September 2017, please call our helpline.

Be aware that under this process, any compensation payment made to you will be paid to your broker for credit to your account you hold with them.

Please note, certain claimants gave permission to their broker to participate through the broker facilitated claim process, however due to issues with the claimant information provided to us, we have been unable to include these claimants in this process. We shall write to these claimants advising them that, if they wish to claim, they are required to submit a claim form through the standard process.

Claimants who did not give their broker permission in the required timeframe

If you did not give your broker the necessary permissions within the required timeframe (which has now passed), you will not be able to participate through the broker facilitated claim process. Instead, you should submit a claim directly with us through the standard claim process. You may still contact your broker to confirm your transaction history and obtain the required supporting documents required when submitting your claim.

For further information, please see the attached Frequently Asked Questions (“FAQs”) on the broker facilitated claim process.